Himax Technologies Inc. : American Depository Shares Case 07/30/2007

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Company Name(s): 
Himax Technologies
Case Name: 
Himax Technologies Inc. : American Depository Shares Case 07/30/2007
Case Status: 
Lawsuit Filed
Case Status: 
Judgment Issued
Case Status: 
Settlement Proposed
Case Status: 
Settlement Approved
Affected Securities
NASDAQ: HIMX
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
07/30/2007
Class Period Begin: 
03/30/2006
Class Period End: 
11/06/2006
Court of Filing: 
U.S. District Court for the Central District of California
Date Settled: 
05/08/2009
Settlement Amount: 
$1,200,000
Deadline to Participate in Settlement: 
07/06/2009
Summary: 

Case Update - 05/14/2009

According to a press release from May 08, 2009 a proposed settlement was announced.

The settlement is for allPERSONS WHO PURCHASED OR OTHERWISE ACQUIRED the American Depositary Shares or common stock ("Securities") of Himax Technologies, Inc. ("Himax") pursuant and/or traceable to Himax's initial public offering ("IPO"), which took place on or about March 30, 2006, during the period from March 30, 2006 though and including November 6, 2006 (the "Class Period"). A settlement hearing will be held on July 27, 2009 at 10:00 a.m., in Courtroom 3, United States District Court for the Central District of California, Western Division, 312 N. Spring Street, Los Angeles, CA 90012, to determine:

(1) whether this Litigation should be certified as a class action for the purposes of settlement;
(2) whether the proposed settlement (the "Settlement") of the Litigation for $1,200,000 plus accrued interest (the "Settlement Amount") should be approved by the Court as fair, reasonable, and adequate;
(3) whether the motion of Lead Plaintiffs' Counsel for an award of attorneys' fees, not to exceed 25% of the Settlement Amount, and reimbursement of reasonable expenses, not to exceed $57,000, and Awards to Lead Plaintiffs each in the amount of $1500, should be approved; and
(4) whether the Litigation should be dismissed with prejudice.

Original Post - 11/24/2008

The judge ordered related cases to be consolidated on February 4, 2008, appointing lead plaintiffs and approving selection of co-lead counsel. Plaintiffs filed their Amended Class Action complaint on February 25, 2008. Defendants filed a motion to dismiss the complaint, which the judge denied on June 18, 2008.
 
According to a press release dated August 18, 2007, a lawsuit seeking class action status was filed in the United States District Court for the Central District of California on behalf of all persons (the “Class”) who purchased the securities of Himax Technologies, Inc. (”Himax” or the “Company”) pursuant to the Company’s March 30, 2006 Initial Public Offering (”IPO”). The Complaint names the Company’s Chief Financial Officer as a defendant.
 
Specifically, the Complaint alleges that, during the Class Period, Defendant violated Sections 11, 12(a)(2) and 15 of the Securities Act of 1934, and also breached his fiduciary duties. Specifically, the Complaint alleges that the Defendant made certain false and/or misleading statements in the Prospectus issued in connection with the Company’s IPO. Furthermore, the Complaint alleges that the Prospectus failed to disclose that Himax’s primary operations faced an imminent reduction in customer demand due to unusually high inventory levels being experienced by the Company’s customers.